In 2016,KP Building Inc.began work on a four-year construction project (called Cincy One).The contract price is $300 million.KP recognizes revenue on this contract over time according to percentage of completion.At the end of 2016,the following financial statement information indicates the results to date for Cincy One:

Required: Compute the following,placing your answer in the spaces provided and showing supporting computations below.

Question

In 2016,KP Building Inc.began work on a four-year construction project (called Cincy One).The contract price is $300 million.KP recognizes revenue on this contract over time according to percentage of completion.At the end of 2016,the following financial statement information indicates the results to date for Cincy One:
  
Required: Compute the following,placing your answer in the spaces provided and showing supporting computations below.

Quizplus · Accepted Answer

The Answer of In 2016,KP Building Inc.began work on a four-year construction project (called Cincy One).The contract price is $300 million.KP recognizes revenue on this contract over time according to percentage of completion.At the end of 2016,the following financial statement information indicates the results to date for Cincy One:
  
Required: Compute the following,placing your answer in the spaces provided and showing supporting computations below.